Ant International, a Singapore-based digital payment and financial technology startup, and BNP Paribas, the EU’s largest bank, have partnered to improve cross-border payment options for European merchants and consumers.
Douglas Feagin, President of Ant International, and Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions & Factoring at BNP Paribas, signed an MoU in Zurich on July 3, 2024, to collaborate on several key initiatives.
The duo announced that BNP Paribas will work with Ant International’s cross-border mobile payment and digitalization technology solutions to enable thousands of merchants using BNP Paribas’ acquiring service across Europe to accept Alipay+ payments from more than 25 international mobile partners.
The parties also agreed to strengthen WorldFirst’s SEPA engagement.
WorldFirst, Ant International’s one-stop digital payment and financial services platform for global businesses, will strengthen its SEPA participation to help businesses make online cross-border payments and cash transfers easier in the SEPA Zone.
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In real time, WorldFirst clients can utilise SEPA payment schemes and automate treasury payments to optimise operations.
The collaboration uses tokenized deposits to speed up worldwide fund settlements. Ant International will use BNP Paribas’ infrastructure to develop its Whale platform, a next-generation treasury management solution that uses blockchain technology, advanced encryption, and AI to improve fund movement between bank accounts for global liquidity management
“Europe is an important region for Ant International, with the rise of cross-border commerce and the increase in travelers to the region, and of course, the excitement around UEFA EURO 2024 this year, Through our collaboration with a leading industry partner, we will bring together digital payments and innovative technology solutions from Ant International, with BNP Paribas’s depth of experience in the European market, to deliver greater connectivity and make global travel and trade more convenient,” said Douglas Feagin, President of Ant International.
Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions, and Factoring at BNP Paribas, said this new arrangement with Ant International expands a long-term relationship that began in 2016 when Alipay+ was launched in Europe.
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“This is a key step in bolstering our service offering while leveraging on each other’s strengths to offer our clients the best service when it comes to cross-border payments, Additionally, we are keen to foster innovation with such a key player to develop tomorrow’s treasury management standards,” he added.
About Ant International
Ant International drives global commerce with digital innovation to help everyone and every business succeed. Its tech-driven digital payment and financial services solutions help merchants of all sizes globally achieve their business goals in close collaboration with partners.
About Bnp Paribas
BNP Paribas is a renowned European bank with global reach. It employs about 190,000 people in 65 countries, including 145,000 in Europe. leads its three key operating units.
